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Question 2 (10 Marks) You have been making the following deposits on the last day of every month. Month Deposit Amount N$ January 1,500.00 February
Question 2 (10 Marks)
You have been making the following deposits on the last day of every month.
| Month | Deposit Amount N$ |
| January | 1,500.00 |
| February | 2,000.00 |
| March | 2,000.00 |
| April | 2,500.00 |
| May | 3,000.00 |
| June | 1,000.00 |
- If the interest rate is 6 percent compounded monthly, how much money will you have on the 1st of July? (5)
- Similarly compute the future value for the remaining 5 payments with the last one happening on 30th June. (5)
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
6th edition
978-0077328894, 71313974, 9780077395810, 77328892, 9780071313971, 77395816, 978-0077400163
